Bitcoin looks ripe for a rebound, and so do ETH, DOGE, LTC, and XMR
2024.11.03 17:51
Bitcoin’s (BTC) rejection near the all-time high earlier in the week may have attracted profit booking by the short-term traders. Although the price has dropped near $68,000, analysts remain positive on the markets. They anticipate Bitcoin to find support between $65,000 and $68,000.
The next major trigger for the cryptocurrency markets is the United States elections. In a market report, FalconX head of research David Lawant said that volatility could increase if “results are too close to call and it takes too much time to reach an outcome.”
Crypto market data daily view. Source: Coin360
WonderFi President and CEO Dean Skurka said in an interview with Cointelegraph that Bitcoin’s price is likely to go up in the long term, irrespective of the election results. Skurka believes interest rate cuts in the US and Canada could propel Bitcoin higher in the next 6-24 months.
The near-term investor sentiment could improve if Bitcoin rises above $70,000. That could boost buying in select altcoins. Let’s study the top 5 cryptocurrencies that look strong on the charts.
Bitcoin price analysis
Bitcoin’s pullback has reached the 20-day exponential moving average ($68,194), a crucial support to watch out for in the near term.
BTC/USDT daily chart. Source: TradingView
If the price rebounds off the 20-day EMA and rises above $70,000, it will signal that buyers are attempting a comeback. The BTC/USDT pair could rally to $72,000 and subsequently to $73,777. Sellers are expected to fiercely defend the zone between $72,000 and $73,777, but if the bulls prevail, the pair may start a new uptrend toward the target objective of $93,554.
The bears will have to tug and maintain the price below the 20-day EMA to invalidate the bullish view. The pair could then plunge to the 50-day simple moving average ($65,002).
BTC/USDT 4-hour chart. Source: TradingView
The pair broke below the uptrend line, indicating that the bears have the upper hand. Buyers will try to push the price back above the uptrend line, but they are likely to encounter solid resistance from the sellers.
If the price turns down from the uptrend line, it will signal that the bears have flipped the level into resistance. That increases the risk of a drop to $65,000.
This negative view will be invalidated in the near term if the price rises above $70,000. The pair could then climb to $72,000.
Ether price analysis
Ether (ETH) has dropped to the support line of the symmetrical triangle pattern, which is likely to attract buyers.
ETH/USDT daily chart. Source: TradingView
If the price turns up from the support line and rises above the 20-day EMA ($2,540), it will signal that the ETH/USDT pair may rise to the triangle’s resistance line. This is an important level to watch out for because a close above it could start a move toward $3,400. The $2,850 level may act as a resistance, but it is likely to be crossed.
The triangle will resolve in favor of the bears if the price breaks and closes below the support line. That could start a decline to $2,150 and eventually to $2,111.
ETH/USDT 4-hour chart. Source: TradingView
The bulls are attempting to defend the support line. The first sign of strength will be a break and close above the 50-SMA. If that happens, the pair could rise to $2,600 and thereafter to the resistance line.
On the contrary, if the bounce turns down from the moving averages, it will indicate that the bears are in control. That increases the possibility of a break below the support line. The pair may then dive to $2,310.
Dogecoin token price analysis
Dogecoin (DOGE) turned down from $0.18 on Oct. 30 and reached the 20-day EMA ($0.14) on Nov. 3.
DOGE/USDT daily chart. Source: TradingView
In an up move, traders usually buy the dip to the 20-day EMA. If the price rebounds off the 20-day EMA, the bulls will again attempt to drive the DOGE/USDT pair above the $0.18 resistance. If they do that, the pair may rally to $0.21.
Conversely, if the price slips and maintains below the 20-day EMA, it will suggest that the bulls have given up. The pair could then plummet to the 50-day SMA ($0.12), which may attract buyers.
DOGE/USDT 4-hour chart. Source: TradingView
The pair is trying to find support at the uptrend line. If the price rebounds off the uptrend line and rises above the downtrend line, it will indicate that the pullback may be over. The pair may attempt a rally to $0.18. A break and close above $0.18 could start the next leg of the uptrend.
Contrary to this assumption, if the price breaks below the uptrend line, the pair may descend to $0.13 and then to $0.12.
Related: Here’s what happened in crypto today
Litecoin price analysis
Litecoin (LTC) has been rising inside an ascending channel pattern, signaling a slight edge to the buyers.
LTC/USDT daily chart. Source: TradingView
Traders buy the dip to the support line and sell near the resistance line in an ascending channel. If the price turns up from the support line and rises above the 20-day EMA ($69.65), it will open the doors for a rally to the resistance line near $77. This level is likely to attract selling by the bears.
On the downside, if the price breaks and closes below the support line, it will signal a short-term trend change. The LTC/USDT pair may slide to $62 and subsequently to $59.
LTC/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows that the pair is falling inside a descending channel pattern. The price has reached the support line where the buyers are likely to step in. Any recovery attempt is expected to face selling at the 20-EMA. If the price turns down from the 20-EMA, it will indicate selling on rallies. A break and close below the support line could sink the pair to $62.
Buyers will have to drive and maintain the price above the 50-SMA to suggest that the selling pressure is reducing. The pair may then rise to the resistance line.
Monero token price analysis
Monero (XMR) has been trading inside a large range between $135 and $180 for several days, indicating buying on dips and selling on rallies.
XMR/USDT daily chart. Source: TradingView
The price fell below the moving averages on Oct. 31, but the bulls have not ceded much ground to the bears. This suggests that selling dries up at lower levels. Buyers are trying to push the price back above the moving averages. If they succeed, the XMR/USDT pair could climb to $166. A break above this level could resume the journey toward $180.
This optimistic view will be negated in the near term if the price turns down and breaks below $150. That could pull the price to $144 and then to $135.
XMR/USDT 4-hour chart. Source: TradingView
The pair is stuck inside a tight range between $153 and $165. If buyers push the price above the 50-SMA, the pair could again attempt to rise above $165. A close above this resistance could push the pair to $170 and later to $180.
Instead, if the price remains below the 20-EMA, the pair may drop to $153. A break and close below this support will signal advantage to the bears. That may start a downward move to $148.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
